Canadian Dollar Struggles at Support And a breach Will Extend Losses

The technical outlook is unchanged, and the Canadian dollar has not changed significantly for the third consecutive session, maintaining negative stability.

Technically speaking, the technical factors indicate the possibility of continuing decline, to find the simple moving averages continue to make a negative pressure on the price accompanied by negative signs of the RSI on short time frames.

Nevertheless, we prefer to remain on the fence for the moment and wait for confirmation of a break of 1.2920, which leads the pair to continue the bearish path to visit our second target 1.2875, and then 1.2830. The surpassing the resistance level 1.2960 is a trigger factor that enhances the possibility of re-testing 1.3010 before resuming the decline again.

S1: 1.2920	R1: 1.3010
S2: 1.2875	R2: 1.3055
S3: 1.2830	R3: 1.3100